Entrepreneur Scott Jordan pitched his clothing company during
If you’re short on time, here’s a quick overview of what happened to Technology Enabled Clothing after
Scott Jordan appeared on
|Robert Herjavec||$500,000 for 15% equity for patent and retail business|
|Kevin O’Leary||$500,000 for 15% equity for patent and retail business|
|Mark Cuban||No offer|
|Daymond John||No offer|
|Barbara Corcoran||No offer|
Shark Tank Technology Enabled Clothing Update
- Entrepreneur: Scott Jordan
- Business: Clothing designed to carry portable electronics
- Ask: $500,000 for 15% equity
- Result: No deal
- Shark: None
Founder of Technology Enabled Clothing, Scott Jordan, walked into the tank to present is innovative clothing line. His clothing line basically enables people to have access to using their electronic devices whenever they wish.
During his pitch, he talked about how he was a gadget guy, and especially how he liked having access to his devices at all times. He eventually also showed off the number of items he was carrying in his vest.
This patented system featured specific engineering, with customized pocket designs. Some of them even included see-through fabric, designed especially to work with touchscreens.
An additional feature kept headphones tidy while storing or wearing them. Robert Herjavec said he’d actually noticed a similar product in a magazine recently, and Scott admitted that he’d run it as a test.
After getting the patent, Scott was interested in licensing opportunities for the product and how to work with other clothing companies. However, Robert was interested in the sales of the retail business.
Scott said he’d had sales of $1.1 million to date, and was on track to make $12 million for the year. Although, he also stated that the retail business was not included in the deal, which was for the intellectual property only.
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Kevin O’Leary wanted to know why Scott refused to bundle everything together, and Scott said it was because they were similar in approach. Daymond John wanted to know how his patent was different from others, and Scott said because many other companies had infringed on his patent, and that he had a royalty stream from settlements.
Scott said he didn’t actually need the sharks for his retail business. Robert highlighted that Scott only wanted to sell them the patent, keeping them away from the actual profitable business.
Scott said he was there to negotiate. Therefore, Robert put an offer on the table of $500,000 for 15% equity in the patent, and the retail clothing business also.
Scott refused, calling it ‘insane’.
Barbara Corcoran eventually went out, because she couldn’t see herself working with Scott.
Mark Cuban said wireless technology, and because of this, it would render Scott’s patent obsolete. For this reason, he went out.
Daymond also went out, mostly because he felt insulted by the retail business not being on the table.
Kevin said he’d join Robert on the deal. If Robert would agree to the partnership, they’d offer $1 million for 30% equity in the patent and the retail business.
However, Robert said he didn’t need Kevin, so Kevin made the same offer of $500,000 for 15% equity for the patent and the business.
Scott said he needed to talk to Steve Wozniak, who was on his advisory board. Steve said the offer wasn’t good enough for the business.
Scott rejected the offers from Robert and Kevin, making the sharks feel either exhausted or disrespected. He ultimately left without a deal.
Do you think he succeeded in his plans following
Our Technology Enabled Clothing update shows that Scott’s business continued to triumph despite not getting a deal. He eventually rebranded to ScottEvest, and went on to become embroiled in various patent infringement issues with other companies.
Although, that hasn’t seemed to slow the company down, because they’re making at least $3 million in annual revenue.
Products can be found on the company’s website. There you will find a very expansive line of clothing for men and women, they even have TEC dresses and skirts available.
If we learn anything further about the company, we will certainly let you know. However, in the meantime, you can check out our other company updates from Season 3 Episode 7 by following the links below.
For even more on companies and products, be sure to stop by our Season 3 Products Page!
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!